Online fashion store Myntra is in talks to raise $50 million investment led by Azim Premji’s PremjiInvest, reports Times Of India citing sources familiar with the development.
It also says British investor CDC (Commonwealth Development Corporation) is expected to participate in the investment round along with existing investors Accel Partners and Tiger Global.
Myntra co-founder Mukesh Bansal told the publication that they are currently in talks with various investors and they will raise money with “the right set of investors at an appropriate time”. PremjiInvest CFO Prakash Parthasarathy declined to comment on this investment to the publication.
Myntra is probably one of the few remaining e-commerce ventures which still hasn’t pivoted to a marketplace model in the country, with the other prominent exception being HomeShop18 which claims to be the only company in the e-commerce space in India to have FDI approval.
The company has so far raised $75 million investment across multiple rounds which includes a $25 million round late last year, a $21 million round in Feb 2012, a $14 million round in March 2011 and a $5 million round in November 2008. It had also raised an undisclosed seed amount from Accel Partners and Mumbai Angels in 2007.
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Mumbai based Ketto Online Ventures Private Limited which operates the online crowd funding platform Ketto has secured an angel investment of Rs 0.77 crore from Calcutta Angels and Club Ah! investors, through ah! Ventures’s impact investing arm ah! Impact. The company plans to use the investment raised for product development, marketing and business development.
Started in October 2012 by Varun Sheth, Zaheer Adenwala and the Bollywood actor Kunal Kapoor, Ketto aims to be a crowd funding platform for creative and social causes. It also helps non-profit organizations (NGOs) to raise funds for supported and listed causes from companies and individuals. The company claims to be clocking over 15,000 unique investors every month.
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Bangalore-based ApartmentADDA has raised an undisclosed amount of investment from a group of angel investors in India and Silicon Valley (US) like former Yahoo R&D CEO Sharad Sharma and iSpirt founder Sharad Sharma, Sling Media co-founder and CTO Bhupen Shah, Arrayent VP-Engineering Raghu Tarra, Tushar Patel of a global investment banking firm and Zaheer Rattonsey of real estate and film production.
The company plans to use the investment raised to improve its existing service, launch mobile apps and have a presence in major Indian cities.
Launched in 2008 by Venkat Kandaswamy and Sangeeta Banerjee, ApartmentADDA provides a private online portal for apartments and residential complexes, which are integrated with various solutions for facility management, society accounting and communication among residents.
The company claims to have tied up with more than 3,600 apartment and villa communities across India and claims to have user base of 1.6 lakh home owners, as indicated by an ET report. Interestingly, it also says that it has been profitable since 2012.
ApartmentADDA currently offers this service through two different plans – Premium Lite (Rs 10 per flat per month) and Premium Pro (Rs 15 per flat per month). There is also a free plan which offers limited features to users.
